Apple Inc (NASDAQ:AAPL, ETR:APC) is reportedly set to invest $500 million in MP Materials, the operator of the only rare earths mine in the United States, according to Fox Business. The announcement follows MP Materials' recent multibillion-dollar agreement with the US government aimed at increasing domestic production of rare earth magnets, crucial for electric vehicles, electronics, and defence applications.
Apple on Tuesday is expected to announce a $500 million commitment to MP Materials , the operator of the only U.S. rare earths mine, Fox Business reported on Tuesday, citing multiple sources familiar with the deal.
Apple (AAPL) reached $208.62 at the closing of the latest trading day, reflecting a -1.2% change compared to its last close.
Apple is reportedly facing pressure to make a major acquisition amid its AI troubles. As Bloomberg News reported Monday (July 14), investors are concerned by a slump in share prices that has wiped out more than $630 billion in Apple's market value this year and frustrated with the company's delays in introducing artificial intelligence (AI) features.
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